Why Is Your Monthly Mortgage Payment Going Up?

When you sign papers for a house, it seems common practice to assume that your mortgage payment will stay the same for the life of your loan. It is sometimes difficult to monitor things like homeowners insurance, county or city taxes, and private mortgage insurance, but it is important to try and do so. If you do not keep track of things there is a chance that you are over-paying in some instances.
 Looking at your tax bill when it comes in is a good way to monitor your monthly tax payment. If you have an adjustable rate on your mortgage, chances are you could save a lot of money if you refinance to a fixed rate. If you are paying PMI (private mortgage insurance), and yet you know that your appraised value has you under the percentage needed to get rid of the PMI, you need to tell your mortgage lender  right away.

Providers offer a number of discounts. One of the most lucrative is the home/auto bundle. You can save up to 20 percent on your premiums simply by purchasing your home and car insurance from the same provider. You also can score price breaks of 10 percent or more for having a monitored home security system. Many providers give discounts if no one in the home smokes; that’s because it lowers the fire risk. Discounts vary widely by provider, so find out whether you’re receiving every price break available.

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